Bank Account FAQ
Accepting payments is the core of running your business with Square, so it’s imperative to Square that we get you your money quickly. Below are the most common questions from merchants when linking or editing their bank account with Square. Please review the information below if you’re having trouble linking or editing your bank account.
View your linked bank account for each of your locations from your online Square Dashboard. We’ll also send you an email confirming any transfers with the last three digits of the account we transferred to. From this page, you can also add and verify other external bank accounts to your Square account to easily change where you receive your transfers across your business locations.
Editing your bank account is easy from your online Square Dashboard and the Square app. Learn more about updating your linked bank account.
We’ll continue to send transfers to your currently linked account until your new bank account is verified. If you’d like to unlink your current bank account, contact us. This will allow your transfers to remain in your Square balance until your new account is verified. You can also add and verify other external bank accounts to your Square account from the Bank Accounts tab to easily update where you receive your transfers between your locations in the future.
No, Square requires a transactional bank account that allows for transfers and withdrawals in case of refunds or chargebacks. Prepaid cards or online-only accounts, like PayPal, aren’t supported.
You can choose to link a transactional bank account to your Square account during account creation or at a later time from your online Square Dashboard and the Square app.
Once you provide Square with your bank information, we’ll verify that we can communicate with the account by sending and then debiting a small amount to and from your account (resulting in no difference to your balance). Be sure you have at least £1.00 in your bank account before attempting to link it to Square to ensure verification goes smoothly.
Manual verification of your bank account can take up to four working days. Expedited bank account verification is available through Plaid on the Square Dashboard.
Learn more about linking your bank account.
The Direct Debit Mandate is a UK legal requirement. Square will only debit your bank account to cover chargebacks and refunds that cannot be covered by your Square balance.
The bank account linking and verification process usually takes a few minutes, but for some banks it can take up to three working days. After your account is fully verified, we’ll send transfers according to your transfer schedule.
Learn how to check your bank verification status.
With Square’s automatic transfer schedule, transfers can be sent 1–2 days from the time of the transaction.
Learn about your transfer schedule options.
If your bank account is linked and completely verified, you should see transfers in your bank account within 1–2 days depending on your close-of-day schedule. Check your online Square Dashboard or the Balance section of the Square app to see if we’ve sent your transfer or read more about missing transfers.
Bank verification can fail for a number of reasons: if your bank account is non-transactional and we can’t transfer and debit from it, if you have insufficient funds in your bank account when we try to verify the account, or if there was a typo entered when you input your bank information. Your bank may also require an ACH number from Square. If your bank failed due to any of the reasons above, learn how to fix a failed bank verification.
To link a different bank account to each business location, you’ll need to visit Bank Accounts in your online Square Dashboard. From the drop-down menu next to the location you want to adjust, select Add external bank account and complete the bank verification process.